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Ecometals Limited: Sale of Condor Gold Project Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 30, 2012) -NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICE OR FOR DISSEMINATION IN THE UNITED STATES

Ecometals Limited (TSX VENTURE:EC)(BERLIN:GDQ)(FRANKFURT:GDQ) (the "Company") announces a further update to its news release dated November 4, 2011 in which it was stated that Ecuador Capital Corporation ("ECC") was to make a final payment of US$1,750,000 to the Company on or before March 31, 2012 in respect of the sale by the Company to ECC of the Condor Gold Project. The Company has agreed to extend the deadline for the payment to April 30, 2012 subject to an increase of US$100,000 to such final payment, in order to provide ECC with some additional time to complete certain negotiations with its partners and its listing on the TSXV.

William Lamarque, the Company's Chief Executive Officer, stated that, "While it is undeniably a disappointment that ECC has required a further extension, ECC management emphasized that the further delay is strictly related to ongoing technical negotiations between ECC and its partners in Ecuador that are impacting the timing of ECC's listing on the TSXV. The Company has been assured that this is the final deferment. We anticipate a delay in restarting drilling in Rio Zarza in consequence but do not envisage our 2012 drill program being curtailed or otherwise compromised by this development."

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.